Bulgaria's new Renewable Energy source act will be ready in two weeks, the country's Energy Minister has stated.

The act aims at meeting the mandatory targets set by EU's Directive on the Promotion of the use of energy from renewable sources - a16 % share of RES on the final consumption of energy in 2020 and at least 10% share of renewable energy in final consumption of energy in transport by the same deadline.

Bulgaria's renewable energy legislation will be harmonized with EU laws in order to attract major foreign investors.

Bulgaria's Economy and Energy Minister Traicho Traikov announced the preparation of the new act upon launching officially on Tuesday the construction works of a EUR 150 M, 45-megawatt solar park in central Bulgaria, near the city of Veliko Tarnovo.

SDN Co., a South Korean producer of power generators, solar modules and marine propellers, is building the photovoltaic park, which will be the biggest in the country.

EUR 20 M have already been invested in the solar power plant since August 2010.